during the forecast period. The high prevalence of infectious diseases worldwide, rapid growth in the geriatric population, growing demand for point-of-care testing, and rising use of home-based lateral flow assay devices are the major factors driving the growth of this market.
New York, Dec. 21, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Lateral Flow Assays Market by Application Veterinary, Food Safety) Product Technique, End User - Global Forecast to 2026" - https://www.reportlinker.com/p05073751/?utm_source=GNW
On the other hand, reluctance among doctors and patients to change existing diagnostic procedures and the low accuracy of lateral flow assays are the key restraints.
Kits & Reagents segment accounted for the largest share in the lateral flow assays market.
Based on product type, the lateral flow assays market is segmented into kits & reagents and lateral flow readers. In 2020, kits & reagents accounted for the larger share of 87.5% of the global lateral flow assays market. The large share of this segment can be attributed to the increasing application of lateral flow kits & reagents for POC testing, the growing burden of chronic diseases, the increasing use of lateral flow kits in home care, and their convenience and ease of use. The lateral flow readers segment is bifurcated into digital/handheld readers and benchtop readers. This segment is expected to grow at a higher CAGR of 7.1% during the forecast period.
Clinical Testing segment is expected to witness the fastest growth in the forecast period.
Based on applications, the lateral flow assays market is segmented into clinical testing, veterinary diagnostics, food safety & environmental testing, and drug development & quality testing. The clinical testing segment accounted for the largest share of 89.3% of the lateral flow assays market in 2020. The large share of this segment can be attributed to the rising prevalence of chronic diseases, growing pressure to reduce healthcare costs, and the increasing demand for patient-centric care.
Sandwich assays technique accounted for the largest share of lateral flow assays market in 2020
Based on technique, the lateral flow assay kits & reagents market is segmented into competitive assays, sandwich assays, and multiplex detection assays. The sandwich assays technique dominated the lateral flow assays market with a share of 70.9% in 2020. The large share of this segment can be attributed to its better assay sensitivity and specificity and its extensive applications in the measurement of critical analytes (such as cardiac and hepatitis markers).
Blood samples accounted for the largest share of lateral flow assays market in 2020
Based on sample type, the clinical testing lateral flow assays market is segmented into blood, urine, saliva, and other samples. Blood samples accounted for the largest market share of 55.9% in 2020. The use of blood samples in lateral flow tests for infectious diseases such as malaria, HIV, and syphilis; the rising awareness of rapid testing solutions; and easy detection of disease antibodies from blood samples are key factors driving the growth of this segment.
The hospitals & Clinics segment accounted for the largest share of lateral flow assays market in 2020
Based on end users, the lateral flow assays market is segmented into hospitals & clinics, diagnostic laboratories, home care settings, pharmaceutical & biotechnology companies, and other end users. The hospitals & clinics segment accounted for the largest market share of 37.6% in 2020. Technological advancements, the increasing adoption of point-of-care testing and growing patient inclination toward fast and early diagnosis are driving the growth of the hospitals & clinics segment. The COVID-19 pandemic has also increased the demand for point-of-care testing in professional healthcare settings, further driving the growth of this market in the forecast period.
North America accounted for the largest share of the lateral flow assays market in 2020
The North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2020, North America accounted for the largest share of 38.8% of the lateral flow assays market, followed by Europe, the Asia Pacific, Latin America, and the Middle East & Africa. However, the APAC is expected to grow at the highest CAGR of 5.8% during the forecast period. The rapidly developing healthcare industry in China and India, growth in the aging population, rising life expectancy, rising per capita income, increasing investments in the region by key market players, the expansion of private-sector hospitals & clinics to rural areas, the availability of low-cost labor for manufacturing, the presence of a favorable regulatory environment, and growing demand for home and POC testing are supporting market growth in the APAC. The current COVID-19 scenario and its high impact in the Asia Pacific (especially India) have also resulted in a high growth rate in the lateral flow assays market in this region.
A breakdown of the primary participants (supply-side) for the lateral flow assays market referred to for this report is provided below:
• By Company Type: Tier 1–35%, Tier 2–20%, and Tier 3–45%
• By Designation: C-level–45%, Director Level–25%, and Others–30%
• By Region: North America–36%, Europe–26%, Asia Pacific–21%, Latin America- 10%, and Middle East and Africa– 7%
Some of the key players in the Lateral flow assays market are Abbott Laboratories (US), F. Hoffman-La Roche AG (Switzerland), Danaher Corporation (US), Siemens AG (Germany), BD (US), bioMérieux SA (France), Bio-Rad Laboratories (US), Thermo Fisher Scientific, Inc. (US), PerkinElmer Inc. (US), Hologic Inc. (US), QIAGEN N.V. (Netherlands), Quidel Corporation (US), and Merck KGaA (Germany).
The market study covers the lateral flow assays market across various segments.It aims at estimating the market size and the growth potential of this market across different segments by product type, application by technique, by sample type, end user, and region.
The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to their product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help market leaders/new entrants in this market and provide information regarding the closest approximations of the lateral flow assays market and its segments.This report will help stakeholders understand the competitive landscape, gain insights to position their businesses better, and plan suitable go-to-market strategies.
The report will also help stakeholders in understanding the pulse of the market and gaining information on key market drivers, restraints, opportunities, and challenges.
Read the full report: https://www.reportlinker.com/p05073751/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
CONTACT: Clare: firstname.lastname@example.org US: (339)-368-6001 Intl: +1 339-368-6001